Is the BankAmericard^® credit card the Right Choice for Paying Down Debt?

The BankAmericard^® credit card is a no-frills card with lengthy 21-month introductory APR periods on both purchases and balance transfers, as well as a $0 annual fee. And while it doesn’t offer ongoing value in the form of rewards, it’s still a great tool for paying off a big purchase over time or digging out of high-interest credit card debt.

Recommended credit: Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion Good / Excellent

Rewards Rate: N/A

Welcome offer: N/A

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Rates

• Intro purchase APR: 0% Intro APR for 21 billing cycles for purchases
• Regular purchase APR: 14.99% - 25.99% Variable APR
• Intro balance transfer APR: 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days
• Regular balance transfer APR: 14.99% - 25.99% Variable APR on balance transfers
• Regular cash advance APR: See Terms
• Penalty APR: None

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Fees

• Annual fee: $0
• Balance transfer fee: 5% of the amount of each transaction
• Cash advance fee: See Terms
• Foreign exchange fee: 3%
• Late fee: See Terms

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Other benefits

• Overdraft protection
• $0 liability guarantee
• Account alerts

• Long intro APR on purchases

  The BankAmericard^® credit card offers one of the longest intro APRs currently available for purchases. You’ll get a 0% Intro APR for 21 billing cycles for purchases; afterwards, a 14.99% - 25.99% Variable APR applies.

• Long intro APR on balance transfers

  The BankAmericard^® credit card also offers one of the longest introductory APR periods for balance transfers. You’ll get a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days — then, a 14.99% - 25.99% Variable APR on balance transfers applies. Note, though, that you’ll need to transfer balances within the card’s 60-day window to receive the 0% APR.

  Tip: If you want to transfer debt from another Bank of America card, you’ll need to look at cards from other issuers — like most issuers, Bank of America won’t allow you to transfer debt between its cards.

• No rewards program

  The BankAmericard^® credit card doesn’t earn rewards or a sign-up bonus, so it may not be a card you’ll want to use in the long term. Note, though, that many credit cards with long intro APRs don’t offer a rewards program. You may have to settle for a shorter intro period if you’d prefer a balance transfer card with rewards.

  Compared to other cards

  The Citi Double Cash^® Card has a 0% intro APR for 18 months on Balance Transfers, then a 17.49% - 27.49% (Variable) APR — though there’s no intro APR on purchases. However, it does offer up to 2% cash back on every purchase, as well as a sign-up bonus.

  The Chase Freedom Flex^® has an intro APR on purchases and balance transfers for 15 months. Then, a 18.24% – 27.74% Variable APR applies. You’ll get 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and a sign-up bonus.

• Minimal benefits

  Outside of its long intro APR, this card doesn’t offer much else. You’ll get a few benefits, like a $0 liability guarantee and overdraft protection, but there are cards with 0% intro APRs that offer much more.

  Compared to other cards

  The Chase Freedom Flex^® offers a long list of World Elite Mastercard benefits, including cellphone insurance (up to $1,000), auto rental collision damage waiver, trip cancellation/interruption insurance and purchase protection.

BankAmericard^® credit card vs. Citi Double Cash^® Card

The Citi Double Cash^® Card offers a better ongoing value than the BankAmericard^® credit card, since it comes with a rewards program. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.

While the Citi Double Cash^® Card offers a shorter 0% intro APR for 18 months on Balance Transfers (followed by a 17.49% - 27.49% (Variable) APR), it does have a longer four-month window for the introductory APR. However, there’s no intro APR on purchases like you’ll get with the BankAmericard^® credit card.

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BankAmericard^® credit card vs. Chase Freedom Flex^®

The Chase Freedom Flex^® is a great choice if you’re looking for a long intro APR but also want to earn rewards. There’s a 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months, followed by a 18.24% – 27.74% Variable APR. You’ll earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Travel℠, 3% on dining and drugstores, and 1% on all other purchases. On top of that, it also has a sign-up bonus.

Further, the Chase Freedom Flex^® earns Chase Ultimate Rewards^® points, which are known for their flexibility. You can redeem them for cash back, travel, Amazon.com and PayPal purchases and more — and you’ll get even more value for points when you transfer to one of Chase’s 14-plus travel partners.

If you’re looking for a credit card to finance a large purchase or pay down high-interest debt with a balance transfer, the BankAmericard^® credit card is an excellent choice.

However, there’s no rewards program or card perks to offer ongoing value once the intro APR ends. So if you prefer a card you can keep around in the long term, you’ll find plenty of cards with interest-free offers and rewards, including the Citi Double Cash^® Card and Chase Freedom Flex^®.